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Are You A Daniel Lerner Customer at David Lerner Associates? Contact Lawyers KlaymanToskes Immediately
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Rhea-AI Summary
KlaymanToskes is investigating Daniel Todd Lerner of David Lerner Associates due to 13 customer complaints and the Financial Industry Regulatory Authority's (FINRA) preliminary decision for disciplinary action. These complaints largely stem from allegations that Lerner recommended unsuitable investments in Energy 11, L.P., Energy 12, L.P., and the Spirit of America Energy Fund (NASDAQ: SOAEX). A total of five settled complaints resulted in over $1.6 million in recovered funds for investors. Additionally, Lerner has been accused of maintaining inaccurate records regarding customer profiles, violating FINRA rules.
Positive
None.
Negative
13 customer complaints filed against Lerner.
One pending complaint for $250,000.
Five settled complaints totaling $1.6 million against Lerner.
Accusation of recommending unsuitable investments.
Violation of FINRA rules regarding record-keeping.
KlaymanToskes Investigates Daniel Todd Lerner of David Lerner Associates, Inc.
WHITE PLAINS, N.Y.--(BUSINESS WIRE)--
National securities attorneys KlaymanToskes encourages customers of Daniel Todd Lerner of David Lerner Associates, Inc. to contact the firm immediately at 888-997-9956.
KlaymanToskes is investigating Daniel Todd Lerner (CRD# 1255769) of David Lerner Associates, Inc. following 13 customer complaints and a preliminary determination to bring disciplinary action against the White Plains, New York-based broker by the Financial Industry Regulatory Authority (“FINRA”).
According to FINRA’s BrokerCheck Report, the recommendation was made due to findings that Daniel Lerner recommended unsuitable investments in Energy 11, L.P, Energy 12, L.P. and Spirit of America Energy Fund (NASDAQ:SOAEX) to multiple customers, in violation of FINRA Rule 2111(Suitability).
KlaymanToskes previously issued a notice to Energy 11 and 12 investors, reporting that David Lerner Associates recommended high-commission, illiquid, and non-traded financial products to advisory clients. These investments were proprietary and it is our opinion that this created a conflict of interest for investors. The underlying risks, sales charges, and operating expenses must be fully explained to customers.
Daniel Todd Lerner has 13 customer complaints filed against him according to FINRA BrokerCheck. One complaint is currently pending for $250,000 while five settled complaints against the broker have settled in the collective amount of $1.6 million in favor of the investors.
FINRA also allegedly found that Daniel Lerner willfully caused David Lerner Associates, Inc., to maintain inaccurate books and records regarding customer investment profiles, in violation of FINRA Rule 4511 (General Requirements) and Rule 2010 (Standards of Honor).
Investors that suffered losses at the advice of Daniel Lerner or David Lerner Associates should immediately contact attorney Lawrence L. Klayman, Esq.at(888) 997-9956orlklayman@klaymantoskes.comfor a free and confidential consultation to discuss legal options. We do not collect attorney’s fees unless we are able to obtain a financial recovery for you.
About KlaymanToskes
KlaymanToskes is a leading national securities law firm which practices exclusively in the field of securities arbitration on behalf of retail and institutional investors throughout the world in large and complex securities matters. The firm has recovered over $250 million in FINRA arbitrations and over $350 million in other securities litigation matters. KlaymanToskes has office locations in California, Florida, New York, and Puerto Rico.
What is KlaymanToskes investigating regarding Daniel Todd Lerner?
KlaymanToskes is investigating Daniel Todd Lerner for allegations involving 13 customer complaints and potential violations of FINRA rules.
What actions have been taken against Daniel Todd Lerner by FINRA?
FINRA has made a preliminary determination to bring disciplinary actions against Daniel Todd Lerner.
What were the unsuitable investments recommended by Daniel Todd Lerner?
Daniel Todd Lerner allegedly recommended unsuitable investments in Energy 11, L.P., Energy 12, L.P., and Spirit of America Energy Fund (NASDAQ: SOAEX).
How much have the settled complaints against Daniel Todd Lerner amounted to?
The five settled complaints against Daniel Todd Lerner have resulted in a total recovery of over $1.6 million for investors.
What does the investigation by KlaymanToskes imply for investors?
The investigation prompts investors to seek legal consultation if they've suffered losses due to the recommendations made by Daniel Todd Lerner.
